Purchase price of the equipment is $460,000. Depreciable life of the equipment is 4 years. Salvage value of this equipment is $275,000 after four years. Use double declining balance method of depreciation. Note: Begin the depreciation using the purchase price (without considering the salvage value) but do not depreciate below the salvage value. Year Depreciation Basis Purchase Price 460,000 1 2 3 4